Capital flight risks test China's plan to disrupt dollar stablecoins' dominance

Description

China wants to roll out its first stablecoins to push the renminbi into more global markets and challenge the dominance of the US dollar. But behind the scenes, officials are worried that this very move could backfire by triggering capital flight. The country’s financial system isn’t built to handle rapid money movement, especially not through blockchain rails that they can’t fully control. The plan is being tested in Hong Kong, where crypto isn’t banned like it is in mainland China. A new law n...